Banking

  Bloomberg China boosted its injection of short-term cash into the banking system to the highest in two months, as demand for liquidity climbed before year-end. Government bonds gained. The People’s Bank of China added 200 billion yuan ($31 billion) of cash into the financial system through seven-day reverse repurchase agreements, more than offsetting the 10 billion yuan coming due. ...

  Bloomberg The Swiss National Bank’s (SNB) long-standing claim that the franc is “highly valued” is looking harder to justify as officials watch it strengthen to within striking distance of parity with the euro. When the currency climbed through what was once considered a key line in sand to 1.04 per euro last month, the surge wasn’t met with big ...

  Bloomberg Goldman Sachs Group Inc, one of Wall Street’s staunchest advocates of returning employees to offices, will make Covid-19 vaccination booster shots compulsory as the firm stands by its workplace philosophy through surging infection rates in New York. Anyone entering offices must get a booster by February 1 if they’re eligible for the injections by that date, the investment ...

  Bloomberg Germany’s finance watchdog fined Deutsche Bank AG $9.8 million over its handling of submissions for Euribor, a reference rate at heart of a scandal that rocked industry. The lender temporarily didn’t have effective systems, controls for contributions to benchmark, BaFin, said. While BaFin said Deutsche Bank has a right to appeal, the company said it accepts fine to ...

  Bloomberg The two Wall Street investment-banking titans dominating this year’s dealmaking frenzy are opening up their wallets to try to keep their bankers happy — and ratcheting up pressure on rivals to follow suit. Goldman Sachs Group Inc may boost its bonus pool for investment banking by about 50%, and JPMorgan Chase & Co may reach for a 40% ...

  Bloomberg Deutsche Bank AG appointed a new chief executive officer (CEO) for its Spanish unit amid a revamp of its operations in several European countries. Inigo Martos will replace Antonio Rodriguez-Pina in July, the bank said in an internal memo seen by Bloomberg and confirmed by a spokesman. Martos will also become head of the lender’s retail and wealth ...

  Bloomberg The Swiss National Bank (SNB) kept interest rates at a record low and stuck to its description of the franc as “highly valued” after the currency’s latest advance against the euro. Both the deposit and the policy rate were held at -0.75% as widely predicted by economists. With the global economic recovery on shaky footing due to the ...

  Bloomberg NatWest Group Plc was sued by three trading firms over manipulation of security futures, a day after the bank pleaded guilty to wire and securities fraud and agreed to pay $35 million in penalties. M&N Trading LLC, Kohl Trading LLC and Port 22 LLC claim NatWest’s spoofing of security futures from 2008 to 2014 caused them “economic injury” ...

  Bloomberg Bank of Montreal (BMO) has told its investment bankers they should go back to working from home, joining a growing list of companies vacating offices as Covid-19 cases climb. Canada’s fourth-largest bank instructed its North American investment and corporate banking division to resume remote work until the week of January 17, according to an email sent to staff ...

  Bloomberg Commerzbank AG is imposing more stringent policies for fossil-fuel clients as pressure mounts on the finance industry to stop providing capital to sectors at the heart of global warming. The German lender is giving existing clients that get at least 20 percent of revenue or power production from coal until 2025 to spell out how they’ll exit the ...